Although firms will not be expected to have completed all aspects of implementation by 30 September, firms must move quickly to complete initial steps including risk assessments and implementation plans.
CBCR legislation has been effective in many countries starting from 1 January 2016. In the Netherlands this deadline was extended for the first year to 1 September 2017. Groups with a reporting year that ends after 31 August 2017 will not have an extended deadline for this notification.
Norway proposed amendments to the interest deduction limitations and revised the national budget which impacted tax and VAT.
HMRC is on a mission to eradicate offshore tax evasion and revolutionise international tax transparency. Already the UK is party to a series of tax information exchange agreements with countries both within and outside the European Union.
The Criminal Finances Bill will hold firms criminally liable where employees facilitate tax evasion by their clients. To protect themselves, firms must implement reasonable prevention procedures to mitigate the risk of facilitating a tax evasion offence.
The Norwegian Tax Assessment Act is effective from 1 January 2017. In addition to some significant material changes regarding tax assessment, the legislation introduces a new compulsory fine for late filing or non-compliance. Many branches are now at risk of such fines.
In its decision of 26 September 2016, the Supreme Court of Switzerland resolved a long-outstanding issue of Swiss tax law: the deductibility of punitive fines by companies for corporate tax purposes.
On January 1, 2017, Norway will introduce a new VAT return and new import VAT scheme.
The result of the US election has implications for businesses around the world. After months of often bitter rhetoric, do we really know what this administration will do?
The parliament has passed a new legislation to harmonise the tax authorities’ assessment of various taxes and introduced material changes on how the tax assessment should be practised.